Mr. James Mackie reports
MAJESTIC GOLD CORP. DECLARES A DIVIDEND OF CAD$0.007 PER SHARE
Majestic Gold Corp.'s board of directors has declared special cash dividend for 2024 of 0.7 cent per common share. The total payout for the special dividend will amount to approximately $7.3-million. The special dividend will be distributed on Oct. 11, 2024, to the shareholders of record at the close of business on Sept. 27, 2024.
Based on yesterday's closing price of the company's common shares on the Toronto Stock Venture Exchange of 6.5 cents, this special dividend of 0.7 cent per common share represents an estimated yield of approximately 10.76 per cent.
"The continued strength of our balance sheet allows us to distribute a special dividend while maintaining ample liquidity to invest in growing the company," said president and chief executive officer Stephen Kenwood.
This dividend is designated as an eligible dividend for Canadian income tax purposes. Dividends paid to shareholders that are non-residents of Canada are generally subject to withholding tax unless reduced in accordance with the provisions of an applicable tax treaty.
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with Majestic's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any other factors that the board deems appropriate at the relevant time. There can be no assurance that any future dividends will be paid.
About Majestic Gold Corp.
Currently focused in China, Majestic Gold is a British Columbia-based company engaged in commercial gold production at the Songjiagou gold mine in eastern Shandong province, China.